Briefly

Meituan likely to face heavy fines

Beijing-based Meituan, a prominent food delivery company, said in its earnings report on Monday it is likely to face heavy fines or change its business practices, after the country's top market regulator launched investigations over alleged monopolistic behavior in April. Meituan said it is actively cooperating with the State Administration for Market Regulation in the "ongoing" investigation. It cannot predict the situation or results at this stage, Meituan said. Second-quarter revenue rose 77 percent year-on-year to 43.76 billion yuan ($6.77 billion), but net loss expanded to 3.36 billion yuan.

Industrial Bank H1 profit up 23%

Industrial Bank Co Ltd, one of the first batch of joint-stock commercial banks on the Chinese mainland, saw its first-half net profit rise 23 percent year-on-year to 40.11 billion yuan ($6.18 billion). Total operating revenue in the first half reached nearly 109 billion yuan, up almost 9 percent year-on-year. Total assets topped 8 trillion yuan, up 2.73 percent from the beginning of this year.

Xinhua - China Daily